Company Registration in Sudan – Overview
The registration of a company in the Republic of Sudan has only been of interest to few entrepreneurs. However, this has not been the case in recent times as the country has more space for successful investment. Perhaps this has been relatively geared by the significant increase in the inflow of the external funds when Sudan began to export oil. Besides, this niche has open more opportunities for other businesses, such as the sector of agriculture, energy, and infrastructure. The good news is that the country supports and stimulates foreign investors.
There is a high demand for specialists and equipment used in the oil production and processing industry, agricultural products packaging and processing industry, and construction, which include road construction. Sudan is actually a landlocked country, and one must keep in mind this factor when expanding business as it is stipulated in all lists of such jurisdictions. The information about beneficiaries and management of the companies opened in the country are not disclosed.
Specificity of the
Foreign entrepreneurs in this country can open limited liability companies that practically operate, just like those in other states with similar structures. The founders of the Company can be private and legal entities, while shareholders can be non-residents. The official registrar must approve all business features and the amount of capital to invest through the procedure of preliminary approval.
The first thing entrepreneurs must do is to submit the corresponding application, which should be attached to the following:
Memorandum with correct description (The objective of the business, the total amount of declared capital, mode of distribution, and Company founders’ data);
Application for name reservation with several options;
Copy of Charter’s original version.
The application of the name cost 200 local pounds and takes up to three days for approval and authorisation. If the registrar issues its recommendations, the founders would then need to prepare their final versions of both Charter and memorandum. Again, the founders of the business shall sign the documents once their memorandum and Charter are notarised. The next step will be approval of these documents by the Tax Chamber, where this procedure is chargeable with the duty and takes up to one day to complete.
Company registration in Sudan – Formation process
Once all legal authorities have approved the application, the establishment of the Company can commence. Here are stages for establishing a company in Sudan:
Obtain a legal document confirming the purchase or lease of an office space;
Submit the whole package to the commercial register;
Pay the fees for certifying seals and stamp duty
Representatives of the Registrar take up to two business days to check if the Company has an office;
Finally, the Company is assigned the registration tax number that proves it as a VAT payer. This procedure requires submission of constituent documentation, information on shareholders, and power of the attorney to the Service Agency in case the process is conducted by the representative.
After completion and approval of the above steps, then the Company can launch its operation.
Thanks to good practices, experience gained, qualified theoretical knowledge, the experts employed by the Private Financial Services will quickly and qualitatively help to open and register the business activity in Sudan. Please contact our specialists to get more information on company registration in Sudan!